[Renee]

PRETQ: BK PLAN effective. All series of shares cancelled. Someone sold 85,000 shares at .55 to gain $42,500....lucky seller, poor sap buyer.

https://otce.finra.org/otce/dailyList?viewType=Deletions

[Renee]

Effective Jan. 18,2024 PRET will change to PRETQ, bankruptcy.

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[Phaedrus77]

I miss the days when companies would announce that they were “cutting their dividend” or “declaring bankruptcy” instead of saying they were “strengthening their balance sheet.”

Orwell would be proud of the modern day corporate IR/PR flaks.

[Enterprising Investor]

Preferred stockholders may receive $7 million for their $472.7 million in liquidation value.

The average preferred share has a liquidation value of $30.80; the resulting payout would average $0.456 per share.

I will not be providing a payout for common because the math simply does not make sense.

[pappi]

Good warning, thanks for posting.
I exited at .38, taking a loss. < sigh >.
best to all,
pappi

[Enterprising Investor]

WARNING: PREFERRED AND COMMON EQUITY MAY RECEIVE IMMATERIAL TOKEN PAYMENT

Equity Payment: Existing Preferred and Common Shares of PREIT will be canceled and PREIT will no longer be a publicly traded company. An aggregate $10 million payment, net of costs defined in the Prepackaged Plan and subject to certain conditions, will be provided to holders of the existing Preferred and Common Stock. The payment, if made, will be allocated as follows: 70% for Preferred shareholders and 30% for Common shareholders.

[Enterprising Investor]

Investor Presentation

https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/d644338dex993.htm

[Enterprising Investor]

Disclosure Statement

https://www.sec.gov/Archives/edgar/data/77281/000119312523292055/d644338dex992.htm

[Enterprising Investor]

PREIT Takes Steps to Significantly Strengthen Balance Sheet and Solidify Future of Business (12/11/23)

Focus on Delivering Exceptional Experiences for Shoppers and Tenants Continues

Enters Restructuring Support Agreement with 100% of PREIT's First and Second Lien Lenders and Commences Chapter 11 Proceedings to Implement Prepackaged Plan

PHILADELPHIA, Dec. 11, 2023 /PRNewswire/ -- PREIT (OTCQB: PRET), a leading operator of diverse retail and experiential destinations, today announced it is taking steps to execute a comprehensive reorganization to strengthen its balance sheet, reduce its total indebtedness by approximately $880 million and extend its maturity runway. The reorganization plan (the "Prepackaged Plan") is supported by 100% of PREIT's First and Second Lien Lenders. To facilitate this process, the Company has received commitments for new money debtor-in-possession ("DIP") and exit revolver financing in an aggregate amount of approximately $135 million from a diverse group of leading investors, led by Redwood Capital Management, LLC and Nut Tree Capital Management, LP. This funding commitment, together with the unanimous support from the Company's existing lender group for the Prepackaged Plan, is a testament to the lenders' confidence in the Company's forward path and represents a crucial source of capital to support the Company's financial stability and long-term growth.

The Company's primary focus remains creating compelling retail and experiential destinations while prioritizing service to its employees, partners, customers and communities. PREIT has a rich history, as detailed in the timeline featured here. Effectuating this Prepackaged Plan will allow PREIT to continue its legacy of being an integral part of its communities as a significant employer that is committed to the transformation of its properties.

"We are pleased to be moving forward with strengthening the Company's balance sheet and positioning it for long-term success through this Prepackaged Plan. Following the pandemic disruption, PREIT has worked tirelessly to enhance the portfolio, dramatically improve occupancy and diversify its tenancy. However, unusual economic conditions have limited the Company's options with respect to its debt obligations as meaningful achievements on the operating front were met with inflation and rising interest rates," said Joseph F. Coradino, Chairman and CEO of PREIT. "Today's announcement will position a restructured PREIT to execute on strategic initiatives to continue transforming its portfolio for the tenants and communities it serves. We look forward to quickly emerging from this process as a financially stronger company with the resources and support to continue creating diverse, multi-use property experiences throughout our portfolio."

In order to effectuate the restructuring to make way for a recapitalized PREIT, the Company has filed a voluntary Chapter 11 petition in the United States Bankruptcy Court for the District of Delaware to implement its Prepackaged Plan. The filing will ensure that PREIT can continue all business operations without interruption while it obtains necessary approvals of its financial restructuring. In advance of the filing, the Company executed a Restructuring Support Agreement ("RSA") with 100% of its First and Second Lien Lenders. In accordance with the RSA, PREIT expects it will be able to emerge from Bankruptcy by early February 2024.

PREIT will pay all vendors, suppliers and employees during the course of the Chapter 11 proceedings and, pursuant to the terms of the Prepackaged Plan, which will be subject to court approval, the prepetition claims of all vendors, suppliers and employees will be unimpaired.

Under the terms of the Prepackaged Plan, a reorganized PREIT would emerge following the court-supervised process with a restructured balance sheet. Terms of the transaction are detailed in filings with the SEC and summarized below:

First Lien Lenders: First Lien Lenders have the option to receive either a cash payment equal to 100% of their claims, or instead convert their claims into term loans under the Exit Facility in an amount equal to 101% of their claims.

Second Lien Lenders: Second Lien Lenders will get their pro rata share of 65% of the new equity interests in reorganized PREIT and, Second Lien Lenders who commit to backstop the Exit Facility will receive 35% of the new equity interests in reorganized PREIT, in each case subject to subject to dilution by a customary management incentive plan.

DIP Facility: The restructuring will be supported financially through a new money DIP Facility, totaling up to $60 million, which will convert into term loans under the Exit Facility in an amount equal to 101% of the DIP facility loans.

Exit Facility: In addition, our lenders have committed to provide revolving loans and term loans under an Exit Facility, consisting of a $75 million new money revolver, if PREIT is expected to have less than $75 million in unrestricted cash upon emergence from the Chapter 11 proceedings, and exit term loans in an amount sufficient to refinance in cash or in kind the DIP facility and the First Lien Loans.

Equity Payment: Existing Preferred and Common Shares of PREIT will be canceled and PREIT will no longer be a publicly traded company. An aggregate $10 million payment, net of costs defined in the Prepackaged Plan and subject to certain conditions, will be provided to holders of the existing Preferred and Common Stock. The payment, if made, will be allocated as follows: 70% for Preferred shareholders and 30% for Common shareholders.

On behalf of the Board of Trustees, Michael DeMarco, Lead Independent Trustee, commented: "In November 2021, the Company engaged PJT Partners to engage in a process to explore all strategic options to maximize shareholder value. PJT robustly marketed the Company's properties, sought capital infusion and otherwise explored any available options. That process did not result in any options that would allow the Company to refinance or otherwise achieve value that would exceed the aggregate amount of its First and Second Lien Loans. After months of evaluation and review with our financial advisors, the Board has unanimously approved a transaction that we believe to be the alternative that maximizes the value of PREIT for all of our stakeholders. While PREIT continues to operate in a challenging market, we are pleased to arrive at an agreement with our key creditors that also provides a $10 million payment to Preferred and Common shareholders, if certain conditions are met, who otherwise would receive nothing. Based on the advice from its financial advisors, including that the value of the Company does not exceed the aggregate amount of the existing First Lien and Second Lien Loans, the Board has concluded that the consideration provided to Preferred and Common shareholders is in effect a gift resulting from voluntary agreement with the existing First and Second Lien Lenders to avoid the expense of protracted Chapter 11 proceedings and shall only be available in the event that the Equity Distribution Conditions are satisfied."

PREIT has filed a number of customary first-day motions with the court to support its operations during the court-supervised process, including the continued payment of employee wages and benefits without interruption. The Company expects to receive court approval for these requests.

Additional information, including court documents and information about the court-supervised process, is available on PREIT's restructuring website through PREIT's claims agent, Kroll, here.

DLA Piper LLP (US), Wachtell, Lipton, Rosen & Katz and Dilworth Paxson LLP are serving as legal counsel and PJT Partners LP is serving as financial advisor to PREIT.

Paul Hastings LLP and Young Conaway Stargatt & Taylor, LLP are serving as legal counsel and Houlihan Lokey is serving as financial advisor to the ad hoc group of PREIT's first lien and second lien secured lenders.

About PREIT

PREIT (OTCQB:PRET) is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multifamily & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-takes-steps-to-significantly-strengthen-balance-sheet-and-solidify-future-of-business-302010955.html#:~:text=PHILADELPHIA%2C%20Dec.%2011%2C%202023,%24880%20million%20and%20extend%20its

[pappi]

Is this one starting to have a future or is the debt load fatal to recovery? Views??

[Enterprising Investor]

Two Independent Trustees of Pennsylvania Real Estate Investment Trust Issue Open Letter to Shareholders (6/15/23)

https://www.globenewswire.com/en/news-release/2023/06/15/2688863/0/en/Two-Independent-Trustees-of-Pennsylvania-Real-Estate-Investment-Trust-Issue-Open-Letter-to-Shareholders.html

[Enterprising Investor]

PREIT’s newest directors scold colleagues who refused to step down after shareholder revolt (6/15/23)

https://www.inquirer.com/real-estate/commercial/preit-board-members-resignations-mall-owner-20230615.html?outputType=amp

[Enterprising Investor]

PREIT Board of Trustees Issues Response to Open Letter to Shareholders Issued by Two Independent Trustees (6/15/23)

https://www.prnewswire.com/news-releases/preit-board-of-trustees-issues-response-to-open-letter-to-shareholders-issued-by-two-independent-trustees-301852694.html

[Enterprising Investor]

Followed up this morning.

[Enterprising Investor]

PREIT now eyeing up to 7,000 apartments on its mall properties as it looks to rebuild value (2/20/23)

By Paul Schwedelson

PREIT's plan to gain approval for multifamily developments at six of its mall properties has now swelled to as many as 7,000 apartments, CEO Joseph Coradino told the Philadelphia Business Journal.

After selling off more than 20 malls in the past two decades, the Philadelphia company's strategy has shifted to maximizing its remaining properties by converting uses and selling underused land adjacent to the malls.

In the Philadelphia area, PREIT is working toward building a total of 1,400 apartments on its land at the Moorestown Mall, Plymouth Meeting Mall, Willow Grove Park and Exton Square properties. That includes 375 apartments at the Moorestown Mall that are already under construction. PREIT is in the process of gaining approvals at the other three properties.

At PREIT's Springfield Town Center in northern Virginia, Texas-based developer Hanover is planning 460 apartments, which have been approved, on parking lot space at the mall. At Mall at Prince George's in Hyattsville, Maryland, PREIT is finalizing a sale and plans to continue the approval process for 300 to 400 apartments.

Adding apartments is part of a larger effort to rebuild PREIT's value following financial struggles that led the company to file for Chapter 11 bankruptcy protection in November 2020. While it emerged a month later, the mall operator continues to struggle. It reported a net loss of $71.3 million in the third quarter of 2022 and was delisted from the New York Stock Exchange in December.

“[We want] to look for an opportunity for some kind of a strategic merger,” Coradino said. “That’s ultimately where the business goes. We’ve now put ourselves in a position where we’re quite digestible. … We think the portfolio we created is compelling.”

PREIT recently sold the site of a Whole Foods at Plymouth Meeting Mall to Michigan-based Agree Realty for $27 million and has now generated $141 million from property sales since the beginning of 2022 to pay down debt.

At its peak in 2003, PREIT owned 43 malls. Now, it owns 19. Coradino said whittling down the portfolio allows PREIT to focus on properties that could yield the best results. Coradino said he’s no longer actively looking to sell more malls, just the underused land on those properties, such as parking lot space that isn’t generating value.

Finding ways to maximize value could help PREIT become more attractive for a possible suitor.

Coradino said department stores at PREIT’s malls are 95.6% occupied, but the company is also considering using its properties for medical, life sciences and hotel space. Everything is on the table, Coradino said.

Medical facilities or residential components are seen as complementary to existing retail. At Moorestown Mall, Cooper University Health plans to open a 165,000-square-foot specialty care facility. Coradino said Cooper anticipates more than 1.5 million patients will visit the facility each year, which could double the mall’s foot traffic. Similarly, adding apartment buildings adjacent to the malls would add a built-in customer base within walking distance.

Selling land would thus result in money up front and eventually help retail space, too.

“We’re bringing in new, different, better. Getting rid of the bad stuff,” Coradino said. “We’re seeing traffic increase, sales increase. Hopefully over time, the world’s view of malls is that as those malls that probably shouldn’t have been built go away, what’s left is viable, vibrant properties.”

Incorporating other uses is what Coradino sees as the path ahead.

“The rationale behind it is that malls aren’t what they used to be,” Coradino said. “They’re different tenants, being reinvented, experience is changing from purely shopping to shopping, dining, entertainment, residential, medical.”

A challenge facing PREIT for now, though, is that lending markets are “frozen,” Coradino said. Without access to financing, selling underused portions of its properties to raise capital becomes even more important.

After being delisted from the New York Stock Exchange in December, PREIT has been sold over the counter. Its share price was $1.45 when the market closed Friday.

Ultimately, Coradino said he’d like PREIT to return to the New York Stock Exchange, but the company has to improve its share price to reach that point.

“I don’t think it’s going to happen tomorrow,” Coradino said. “It takes some work, which we’re up for.”

https://www.bizjournals.com/philadelphia/news/2023/02/20/preit-merger-mall-sales-development.amp.html

[Enterprising Investor]

PREIT Completes Extension of Key Mortgage Maturity and Provides Update on Asset Sales (1/04/23)

PHILADELPHIA, Jan. 3, 2023 /PRNewswire/ -- PREIT today, announced that it has executed an extension of the mortgage loan secured by Woodland Mall in Grand Rapids, MI. The loan, with an unchanged interest rate, has been extended through June 10, 2023 with an additional option to extend through October 5, 2023.

Woodland Mall serves as a prime example of PREIT's value creation endeavors. In 2019, PREIT completed its redevelopment of Woodland Mall by bringing in top-quality tenants Von Maur, Urban Outfitters, Sephora, a new prototype Williams-Sonoma, REI, Black Rock Bar & Grill and Michigan's second Cheesecake Factory. These tenants joined existing top brands including: Apple, Pottery Barn and Lush. In 2022, Phoenix Theatres opened, upgrading the moviegoing experience and adding a family entertainment option.

PREIT also completed the sale of a former department store space at Valley View Mall for gross proceeds of $2.6 million. During 2022, the Company sold assets generating $114 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $154 million through December 31, 2022. The Company has another $164 million of asset sales in the pipeline.

"We are pleased to have secured this key extension, having also recently extended the maturity date on our Credit Facilities, meaningful milestones for our debt maturity schedule," said Joseph F. Coradino, Chairman and CEO of PREIT. "Executing on asset sales and utilizing excess cash to pay down debt is a top priority for PREIT as we start 2023."

About PREIT

PREIT (OTC: PRET) is a real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-completes-extension-of-key-mortgage-maturity-and-provides-update-on-asset-sales-301712737.html

[Enterprising Investor]

PRETL and PRETM are now active.

No response yet from an Admin.

[Enterprising Investor]

Working with Admin.

[freddie me]

New Ticker PRET? Update?

[Enterprising Investor]

PREIT Receives Approvals for 460 Apartments and 165 Room Hotel at Springfield Town Center (12/13/22)

PHILADELPHIA, Dec. 13, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced that it has obtained unanimous approval from the Fairfax County Board of Supervisors for the development of 460 apartments and a 165-room hotel, paving the way for the sale of the land parcels both of which are under agreement of sale. A key part of PREIT's capital plan, the sale of these parcels is expected to generate approximately $20 million for PREIT, in addition to the $112 million in proceeds the Company has raised from asset sales in 2022. The Company expects to close on these sales at Springfield Town Center in Q2 2023 and has another $120 million of asset sales in the pipeline.

Executing on multi-family land sales is a key step for the Company on multiple fronts. First, they help to create thoughtful spaces that enhance the property and surrounding community while supporting a more sustainable future. They are also critical to PREIT's capital-raising efforts, transforming underutilized land into valueenhancing real estate.

PREIT's overall vision is to transform Springfield Town Center into a vibrant, multi-use hub and take advantage of its unrivaled location to create the preeminent family entertainment destination in the Washington, DC market. As part of this transformation, LEGO® Discovery Center has officially broken ground with an opening planned for summer 2023. The mall's highly diversified tenant mix includes traditional retail, top-tier full service dining destinations, entertainment, fitness and other value retail offerings.

"We are thrilled to receive a green light on the multi-use development that was conceived prior to the 2014 mall redevelopment," said Joseph F. Coradino, Chairman & CEO of PREIT. "The addition of apartments and hotel rooms will result in growing our customer base and delivers value to our existing tenants, while allowing us to harvest capital from our highly desirable real estate."

Located in the third wealthiest county in the United States, Springfield Town Center is well-positioned to attract quality retailers and continue to be a premier shopping destination.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-receives-approvals-for-460-apartments-and-165-room-hotel-at-springfield-town-center-301701307.html

[Enterprising Investor]

PREIT Successfully Achieves Extension of Credit Facilities (12/08/22)

Asset Values Documented in Connection with Credit Facilities Extension Acknowledge Substantial Portfolio Transformation

PHILADELPHIA, Dec. 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today, announced meaningful balance sheet improvements through successfully extending its Credit Facilities.

PREIT is pleased to announce that it has successfully met all of the requirements to exercise the one-year extension of its first and second lien Credit Facilities and has concluded the extension process. The required conditions to extend the Credit Facilities have all been satisfied and supporting documentation submitted to the lender group. As it relates to satisfaction of the conditions, the Company:

- Significantly exceeded the Minimum Liquidity requirement of $35 million;

- Achieved Corporate Debt Yield well above 8% minimum requirement; and

- Demonstrated a loan-to-value ratio well below 105% for the properties securing the Credit Facilities.

- The Credit Facilities' extended maturity date is December 10, 2023.

Year-to-date, the Company has sold assets generating over $110 million in gross proceeds and has applied asset sale proceeds and excess cash from operations to pay down debt by $148 million through October 31, 2022.

"We are pleased to have surpassed all of the requirements to successfully extend the maturity date on our Credit Facilities," said Joseph F. Coradino, Chairman and CEO of PREIT. "Having executed on asset sales and improved operations to retain excess cash, we have successfully paid down debt. As a result of these initiatives, we believe our balance sheet is in a significantly improved position with continued improvement remaining a top priority."

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-successfully-achieves-extension-of-credit-facilities-301698369.html

[Enterprising Investor]

Entry into a Material Definitive Agreement (9/07/22)

On August 31, 2022, PR Cherry Hill STW LLC and Cherry Hill Center, LLC, both of which are subsidiaries of Pennsylvania Real Estate Investment Trust (the “Trust”) that own Cherry Hill Mall (the “Borrowers”), PREIT Associates, L.P., which is the guarantor under the Notes (as defined below), and New York Life Insurance Company and Teachers Insurance and Annuity Association of America, who are the lenders under the loans that are evidenced by the Notes (the “Lenders”), entered into a Loan Extension and Modification Agreement (the “Extension and Modification Agreement”) to that certain (i) $150.0 million promissory note with New York Life Insurance Company dated August 15, 2012, and (ii) $150.0 million promissory note with Teachers Insurance and Annuity Association of America dated August 15, 2012 (together, the “Notes”). The Extension and Modification Agreement extended the maturity date of the Notes from September 1, 2022 to October 1, 2022. To satisfy the conditions precedent of the Extension and Modification Agreement and effectuate the extension of the maturity date of the Notes, the Borrowers paid down $1,000,000 of the outstanding principal balance of the Notes, paid an extension fee equal to 0.10% of the outstanding principal balance of the Notes and paid certain expenses incurred by the Lenders in connection with the Extension and Modification Agreement, among other terms and conditions.

The Extension and Modification agreement also includes an option for the Borrowers to further extend the maturity date of each Note to November 1, 2022 if an additional $500,000 of the outstanding principal balance of the respective Note is paid down and an extension fee equal to 0.10% of the outstanding principal balance of the respective Note is paid, among other terms and conditions.

The foregoing description of the Extension and Modification Agreement is qualified in its entirety by reference to the full text of the Extension and Modification Agreement, which will be filed as an exhibit to the Trust’s Quarterly Report on Form 10-Q to be filed for the quarter ended September 30, 2022.

The Borrowers and the Lenders also entered into a modification and extension of the mortgage that secures the Notes to extend the term of such mortgage consistent with the term of the Notes.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000077281/000119312522239988/d392808d8k.htm

[Enterprising Investor]

Investor Presentation (8/09/22)

https://s21.q4cdn.com/137894361/files/doc_presentations/2022/Q2-22-Investor-Update.pdf

[Enterprising Investor]

PREIT Reports Second Quarter 2022 Results (8/09/22)

Total Core Mall Leased Space Strong at 95.0%

Core Mall Sales Per Square Foot Reached $605 in June, up 12.2% compared to 2019

Average Renewal Spreads were 2.3% for the Six Months Ended June 30th

Core Mall Total Occupancy Increased 480 Basis Points to 93.8%

PHILADELPHIA, Aug. 9, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) today reported results for the three and six months ended June 30, 2022. A description of each non-GAAP financial measure and the related reconciliation to the comparable GAAP financial measure is provided in the tables accompanying this release.

[tables deleted]

"It has been a busy and very productive quarter. In the face of an evolving economic backdrop, our team continues to deliver strong results, bringing new tenants to the portfolio and executing on asset sales." said Joseph F. Coradino, Chairman and CEO of PREIT. "We continue to drive the quality of our properties, raise capital through asset sales and pay down debt, improving the balance sheet and setting the stage for the anticipated exercise of our credit facility extension."

- Same Store NOI, excluding lease termination revenue, increased 3.6% for the six months ended June 30,2022 compared to the six months ended June 30, 2021 driven by increased occupancy and rental revenue.

- Same Store NOI, excluding lease termination revenue, decreased 5.7% for the three months ended June 30, 2022 compared to the three months ended June 30, 2021.

- The primary driver of the decrease relative to prior year quarter was the recognition of bad debt recoveries that positively impacted the quarter ended June 30, 2021.

- Robust leasing activity is driving increased occupancy with Core Mall Total Occupancy increasing by 480 basis points to 93.8% compared to the second quarter 2021. Core Mall Non-anchor Occupancy eclipsed 90%, improving 450 basis points to 90.5% compared to the second quarter of 2021.

- Total Core Mall leased space, at 95.0%, exceeds occupied space by 120 basis points, and core mall non-anchor leased space, at 92.3%, exceeds occupied space by 180 basis points when including executed new leases slated for future occupancy, demonstrating the rapid pace of leasing activity.

- For the rolling 12 month period ended June 30, 2022, core mall comparable sales grew to $605 per square foot.

- Average renewal spreads for the six months ended June 30, 2022 were 2.3%.

- Two new trustees were elected to the Company's Board of Trustees.

- The Company made notable advances in its capital-raising efforts. As part of its debt reduction plan, the Company has applied asset sale proceeds and excess cash from operations to pay down debt by $82 million during the six months ended June 30, 2022. The Company currently has over $65 million in purchase and sales agreements executed, and has several others in the final stages of negotiation for a total of over $200 million of potential incremental asset sales pending.

Leasing and Redevelopment

- 297,000 square feet of leases are signed for future openings, which is expected to contribute annualized gross rent of $5.9 million.

- Construction has started on a new self-storage facility in previously unused below grade space at Mall at Prince George's in Hyattsville, MD.

- A lease has been executed with Tilted 10 and Tilt Studio, an action-packed bi-level 104,000 square foot indoor family entertainment center at Willow Grove Park, adding family entertainment to this locally-loved destination shopping experience, and is expected to open in the third quarter 2022.

- Phoenix Theatres at Woodland Mall, occupying 47,000 square feet, opened in April 2022.

- At Moorestown Mall, Cooper University Healthcare has started construction on its facility that is expected to open in the second half of 2023. The sale of land for multi-family development was completed in June 2022. Construction is expected to begin on this project in August 2022 with initial occupancy anticipated in fall 2024.

- Landlord work is underway for a new prototype, 32,000 square foot, LEGO®

- Discovery Center at Springfield Town Center with expected opening in third quarter 2023.

- Leases are executed for 10 stores within the portfolio with expanding retailers Rose & Remington, BoxLunch and Lovisa.

Primary Factors Affecting Financial Results for the Three Months Ended June 30, 2022 and 2021

- Net loss attributable to PREIT common shareholders was $17.6 million (which takes into consideration the accrual of preferred dividends that accumulated during the quarter but have not been paid), or $3.32 per basic and diluted share for the three months ended June 30, 2022, compared to net loss attributable to PREIT common shareholders of $31.4 million, or $6.04 per basic and diluted share for the three months ended June 30, 2021.

- Funds from Operations increased in the three months ended June 30, 2022 compared to the prior year period due primarily to a gain of $8.8 million from the sale of our Moorestown multifamily land parcel and a decrease in general and administrative expenses offset by lower NOI, including lease termination revenue.

- Same Store NOI, including lease terminations, decreased by $4.4 million, or 8.3% due primarily to lower lease termination revenue and lower rental income compared to the same quarter last year as a result of accounting treatment for abatements that positively impacted the 2021 quarter partially offset by increases in minimum rent and percentage rent.

- FFO for the three months ended June 30, 2022 was $1.72 per diluted share and OP Unit compared to $1.51 per diluted share and OP Unit for the three months ended June 30, 2021.

- All NOI and FFO amounts referenced as primary factors affecting financial results above include our share of unconsolidated properties' revenues and expenses.

- Additional information regarding changes in operating results for the three and six months ended June 30, 2022 and 2021 is included on page 15.

Liquidity and Financing Activities

As of June 30, 2022, the Company had $113.9 million available under its First Lien Revolving Credit Facility. The Company's corporate cash balances, when combined with available credit, provide total liquidity of $127.6 million.

Asset Dispositions

Multifamily Land Parcels: During the quarter, the Company closed on the sale of land for 375 residential units at Moorestown Mall for approximately $12 million. The Company has executed agreements of sale for land parcels for anticipated multi-family development at three properties. One parcel is being re-marketed and the parcel at Exton Square Mall is included in the $28.8 million purchase price.

Hotel Parcels: The Company has an executed purchase and sale agreement for the sale of a parcel for hotel development at Springfield Town Center for $2.7 million.

Other Parcels: In February, we completed the redemption of preferred equity issued as part of the sale of our New Garden land parcel. In connection with this settlement, we received approximately $2.5 million. The Company expects to close on the sale of an anchor box at Valley View Mall for $2.6 million in the second half of the year. In July, the Company executed an amended purchase and sale agreement for the sale of Exton Square Mall for $28.8 million, which is expected to close in the second half of the year. In April, we executed a purchase and sale agreement for the sale of the former Sears TBA location at Moorestown Mall for $3.35 million. In May, we executed a purchase and sales agreement for the sale of 11 outparcels for $32.5 million. The sale of 3 parcels for over $5 million has been completed at this time.

2022 Outlook

The Company is not issuing detailed guidance at this time.

Conference Call Information

Management has scheduled a conference call for 11:00 a.m. Eastern Time on Tuesday August 9, 2022, to review the Company's results and future outlook. To listen to the call, please dial 1(888) 330-2024 (domestic toll free), or 1(646) 960-0187 (international), and request to join the PREIT call, Conference ID 9326912, at least fifteen minutes before the scheduled start time as callers could experience delays. Investors can also access the call in a "listen only" mode via the internet at the Company's website, preit.com. Please allow extra time prior to the call to visit the site and download the necessary software to listen to the Internet broadcast. Financial and statistical information expected to be discussed on the call will also be available on the Company's website.

For interested individuals unable to join the conference call, the online archive of the webcast will also be available for one year following the call.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-reports-second-quarter-2022-results-301602041.html

[Enterprising Investor]

PREIT Board of Trustees Welcomes Two New Independent Trustees as Representatives for Preferred Shareholders (8/02/22)

Christopher Swann and Kenneth Hart Elected by Preferred Shareholders at 2022 Annual Meeting of Shareholders

PHILADELPHIA, Aug. 2, 2022 /PRNewswire/ -- PREIT (NYSE: PEI) (the "Company") today announced that Christopher Swann and Kenneth Hart have been elected by preferred shareholders to its Board of Trustees.

Joseph F. Coradino, Chairman and CEO of PREIT, said, "We are pleased to welcome two new independent trustees to further enhance and diversify the Board of Trustees. Both Christopher and Kenneth are experienced investors who bring additional corporate finance and real estate investing expertise to the boardroom. We look forward to their contribution in advancing our strategic objectives by capitalizing on our exceptional portfolio of assets."

Mr. Swann and Mr. Hart were elected in accordance with the provisions of the designating amendments to the Company's Amended and Restated Trust Agreement.

About Christopher Swann

Christopher Swann has over a decade of experience restructuring distressed commercial real estate and real estate backed debt. He also has extensive expertise in restructuring across multiple disciplines, including balance sheet, asset management, operations, construction, entitlements and property management. He currently serves as President and Chief Executive Officer of Cygnus Capital, a real estate and alternative asset investment management company. Previously, Mr. Swann served as a Portfolio Manager at SAC Capital Advisors LLC, an investment management company, and in a number of roles at GMT Capital Corporation, an investment management company, including serving as a senior analyst and then as a portfolio manager overseeing investments in technology companies as well as building out the firm's investments in Asia, including establishing its Hong Kong office.

Prior to that, Mr. Swann co-founded two software companies and also worked as an Associate at McKinsey & Co. Earlier in his career, Mr. Swann served in senior marketing and sales positions in Germany and Russia for Millicom International Cellular SA, an international telecommunications and media company, and for a division of Merck & Co., Inc., a multinational pharmaceutical company.

Mr. Swann received a Bachelor of Arts Degree in Political Science and Public Policy from Duke University and received a dual Masters in Business Administration and Masters of Arts in International Studies degree from The Wharton School of Business at the University of Pennsylvania.

About Kenneth Hart

Kenneth Hart has been the principal with Hart Capital Management, a value-oriented investor focused mainly on real estate related entities, since 1990. Prior to that, he was a Vice President at GE Capital Corporate Finance Group, specializing in the financing of leveraged buyouts from 1987 to 1989. From 1983 to 1987 he served in various capacities with Hambrecht & Quist (a technology-focused investment bank) and as a general partner of Hambrecht & Quist Venture Partners. After completing an MBA at the Haas School of Business, UC Berkeley, he worked at IBM from 1978 to 1983. He holds a BS degree in Electrical Engineering and Computer Science, also from UC Berkeley.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-board-of-trustees-welcomes-two-new-independent-trustees-as-representatives-for-preferred-shareholders-301598281.html

[Enterprising Investor]

PREIT Urges Preferred Shareholders to Cast their Votes for Preferred Share Trustee Nominees Prior to August 2, 2022, and Addresses the Cygnus Capital Statement Issued July 7, 2022 (7/08/22)

PHILADELPHIA, July 8, 2022 /PRNewswire/ -- PREIT (NYSE: PEI), today issued the following statement:

The Company and its proxy solicitor continue to make efforts to achieve a quorum for the Preferred Share Trustee nominees prior to August 2, 2022 and again urge eligible Preferred Shareholders to vote. Eligible shareholders may cast their vote by contacting Alliance Advisors at 1-866-407-1960 between the hours of 9:00am and 10:00pm Eastern time, Monday through Friday and Saturday and Sunday from 10:00am to 6:00pm, as noted in soliciting materials furnished to the SEC.

PREIT recognizes and has lived up to its obligations to permit and enable the Preferred Shareholders to elect two Trustees to its Board. The Company welcomes and values the opinions of all shareholders and is open to input that may help advance the goal of enhancing shareholder value. Accordingly, the Company endorsed the Preferred Shareholder nominees in a press release issued on March 28, 2022, linked here.

The Company has remained engaged and in contact with Cygnus Capital and Mr. Hart throughout the election process. The Company has complied with its obligations with respect to election of the Preferred Shareholder Trustee nominees by including the nominees in its proxy statement, engaging a proxy solicitor to achieve a quorum to vote for the Preferred Shareholder Trustee nominees and incurring additional expenses for a subsequent mailing, solicitation calls, emails and automated phone calls. PREIT has filed all of these solicitation efforts with the SEC, further encouraging voting activity.

With respect to Cygnus' assertion that a quorum (i.e.. a majority of the Preferred Shares) was achieved at the annual meeting of shareholders on June 2, 2022, the Company respectfully, but strongly, disagrees. As a Pennsylvania Business Trust, the Company is governed by its Trust Agreement and Bylaws, which require a quorum of a majority of the outstanding Preferred Shareholders, voting together as a single class, in order to properly hold the election. Unfortunately, a quorum of Preferred Shareholders was not achieved by the time of the annual meeting. Accordingly, the meeting was adjourned until August 2, 2022 at 11:00am Eastern time to afford additional time to obtain a quorum of Preferred Shareholders.

Regarding the Company's upcoming debt maturities:

- The Company has repeatedly conveyed that it expects to be in a position to meet the covenant requirements to extend its credit facility that has an initial expiration in December 2022.

- The Company has remained in compliance with all credit facility covenants during the term of the agreement.

- The Company is working on resolution of its Fashion District obligations.
Additionally, the Company has prioritized initiatives to raise capital to reduce debt obligations and defray interest expenses. Accordingly, the Company recently announced that it had sold three assets and had used year-to-date asset sale proceeds and excess cash from operations used to reduce debt by $82 million. The Company also has sale agreements executed for another $56 million and additional transactions in the pipeline for execution.

The Board and management team are committed to enhancing value for shareholders and are committed to engaging with stakeholders and executing on key strategic initiatives.

About PREIT

PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages innovative properties developed to be thoughtful, community-centric hubs. PREIT's robust portfolio of carefully curated, ever-evolving properties generates success for its tenants and meaningful impact for the communities it serves by keenly focusing on five core areas of established and emerging opportunity: multi-family & hotel, health & tech, retail, essentials & grocery and experiential. Located primarily in densely-populated regions, PREIT is a top operator of high quality, purposeful places that serve as one-stop destinations for customers to shop, dine, play and stay. Additional information is available at www.preit.com or on Twitter, Instagram or LinkedIn.

https://www.prnewswire.com/news-releases/preit-urges-preferred-shareholders-to-cast-their-votes-for-preferred-share-trustee-nominees-prior-to-august-2-2022-and-addresses-the-cygnus-capital-statement-issued-july-7-2022-301583136.html